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SWISS TAX DEAL TAKES STEP FORWARD. From the Wall Street Journal, “A group of Swiss banks is lining up to deliver key information to U.S. authorities investigating tax evasion, potentially moving a long-running legal battle further toward a close. Last week, the Swiss cabinet unveiled a program that would allow roughly a dozen Swiss banks that are being investigated by the Justice Department to deliver data on Swiss bank accounts held by American clients that had been transferred to other institutions as U.S. authorities began cracking down on overseas tax evasion.” http://on.wsj.com/12kJPME

API DRAWS TAX REFORM LINE IN THE SAND. A new study conducted for API by Wood Mackenzie concluded that President Barack Obama’s effort to eliminate the tax provision that allows oil and gas companies to deduct intangible drilling costs in the first year that a well is drilled would also shrink U.S. energy industry spending by $407 billion over the 10-year period from 2014-2023 and lead to 233,000 job losses by 2019. So the trade group is outlining its ideal tax reform package in response — intangible drilling costs deductions maintained or a tax rate lower than 20 percent. API tax lobbyist Brian Johnson told Morning Tax that his trade group would consider the whole package before deciding whether to support or oppose legislation, but would need significant rate reductions if IDC was off the table. “I would certainly hope no one would want to jepordize the energy renaissance we have,” he said. “We have to take a look at the entire plan, but certainly, based on this study, eliminating the IDC would hurt growth and hurt jobs.” Johnson added the API has met with nearly 60 member of Congress over the last three months to educate lawmakers about the IDC’s importance. The report: http://bit.ly/12jIk1l and an ad API has run in Minnesota: http://bit.ly/1dp3LCQ

MORE INVESTIGATIONS FOR THE IRS. From Rachael Bade, “The IRS can’t catch a break. While the agency is being slammed for wrongly targeting conservative groups seeking a tax exemption, the IRS will face new questions about whether it’s too easy on some nonprofits. Sen. Tom Coburn (R-Okla.) is asking the Government Accountability Office to conduct a ‘full review’ of the agency’s ‘ability to oversee and manage the ever-expanding pool of charitable organizations.’ ‘Clearly the IRS is failing to ensure charitable groups fully comply with the law, or meet the minimum standards for receiving such preferential tax status,” he wrote to Gene Dodaro, the GAO’s comptroller general, on Tuesday.’” http://politico.pro/11I5FP4

AND MORE QUESTIONS ON SSN RELEASE. Iowa Republican Rep. Tom Latham is asking acting IRS head Daniel Werfel to explain how the agency accidently disclosure nearly 100,000 Social Security numbers for taxpayers associated with 527 political organizations. Latham, along with a bipartisan group of lawmakers, wrote to Werfel this week demanding an account of why the private identifiers were posted on the Internet publicly. “The American people are justifiably troubled by this further breach in privacy by your agency, based on the numerous concerns raised about the IRS over the past several weeks. These concerns form a consistent and disturbing pattern of mismanagement and unprofessionalism that is unbecoming of federal officials — especially those who are trusted to handle the sensitive, personal information of Americans,” the letter reads.

HAPPY FRIDAY. The best thing about this Friday? We’re one week closer to the August recess. Celebrate by hitting an early happy hour and sending me a tax tip or gossip at lfrench@politico.com. Or tweet me at @LaurenNFrench. As always, please follow @POLITICOPro.

BILL WATCH: Reps. Devin Nunes (R-Calif.) and Ron Kind (D-Wis.) introduced legislation to provide tax breaks for agricultural research in hopes to “spur private-sector funding for research and innovation in agriculture.” “This bill will provide a crucial way for private charitable donors to support agricultural innovation,” Nunes said. “It adjusts the tax code to help farmers, who are facing a difficult regulatory environment and many other challenges.”

STATE TOUR. Lawmakers in Massachusetts are working their way through a slew of new tax bills hoping to give senior citizens a break. The state has over a dozen bills in the works for seniors ranging from care giver relief to mortgage help. Lawmakers from across the state have been looking for ways to help seniors cut the cost of their property taxes. One bill sponsored by state Rep. Louis Kafka would allow cities and towns to allow people over 60 years of age to do volunteer work to help draw down future property taxes. Another proposal from Republican state Rep. Todd Smola would allow counties to grant property tax exemptions equal to the assessed value of the homestead properties. He would require owners over 65 years of age to have lived in their home for at least 10 years and kept the house well maintained in order to qualify. The only catch? The county can go after those exempted taxes plus an additional 3 percent interest rate after the person dies and the estate is sold.

Elder care providers could also benefit from some of the proposed bills. State Rep. Bruce Ayers proposed a bill that would provide a $600 tax benefit for individuals that provide more than half of the support for a relative over 70 years old who is suffering from Alzheimer’s Disease. The relative would have to live with the tax payer for more than 6 months of the tax year and make less than $20,000 in the case of an individual. The credit would be refundable in the event that it cuts the care giver’s tax bill below zero.

THE BLUE SLIP PROBLEM. It’s the latest reason House Republicans say they can’t support the Senate-passed immigration bill: taxes. Rep. Dave Camp, the House Ways and Means Committee chairman, said Thursday the Senate immigration bill is unconstitutional because it raises revenue. The Constitution requires revenue bills to originate in the House. “The Senate bill is unconstitutional, as it includes a number of revenue-related measures such as fees, penalties, surcharges and the non-payment of taxes,” Camp (R-Mich.) said in a statement. “As such, any consideration of the Senate bill in the House would also be unconstitutional. The House will have to consider its own legislation.” The full story: http://politi.co/12pIgk1

DID YOU KNOW: Salvador Dali would often avoid paying large dinner bills by drawing on the checks, which would make the paper more valuable to restaurant owners than the meal cost.

**A message from the Peter G. Peterson Foundation: Think our debt problems are solved? Think again. We’ve taken some good initial steps to tackle short-term deficits, but our long-term debt challenges remain. Recent budget reforms have improved the near term outlook, but they have failed to address the true structural drivers of long-term debt. No American wants a future in which our economy is saddled with debt, starved of investment, and struggling to grow. By enacting a plan now — that goes into effect when our economy is stronger — Congress and the President can lay a foundation for more investment, stronger economic growth, and a more secure safety net for future generations. Read our new analysis at http://www.pgpf.org/explainer**